Global Cryogenic Equipment Market
Insights
Cryogenic equipment market is estimated to cultivate
by 2027 with a higher CAGR as per the reports published by Market Research
Future. The growth graph of the market has observed owing to the ongoing
investments across the oil & gas sector, which will eventually accelerate
the business growth in the years to come. Also, the increase of the market size
is attributed to mounting demand for sourcing, stocking, handling, and transfer
of liquid gases. Thus, the ability of this equipment to store liquefied gases
at extremely low temperatures is turning to be one of the major factors which
will drive the product adoption and spur the market exponentially.
The market also reports that the accessibility of a
wide variety of designs such as refrigerator-cooled, supercritical
helium-cooled, original cryogenic pump are spotted to meet the growing customer
basics and will fuel the product adoption.
Global Cryogenic Equipment Market Drivers
& Trends
The scenario of shale gas exploration has widely
resulted in the production of high natural gas, thereby escalating the demand
in the oil & gas sector. Cryogenic equipment is widely used in LNG storage
and transportation as it is an extremely low emission fuel that is preferred by
several regulatory bodies addressing environmental concerns. This factor is
thereby driving the cryogenic equipment market to gain prominence in the years
to come.
With that, rapid industrialization has also led to
widespread adoption of this equipment mainly in the metallurgy industry. Robust
development in metal design held by the manufacturers has resulted in the
expansion of enhanced techniques for handling liquids. This is another critical
driving factor that is expected to fuel the market over the forecast period.
Key Players
The Cryogenic
Equipment Market Manufacturer are Linde Group AG, Air Liquide, Beijing Tianhai
Industry Co., Ltd., Cryoquip Llc., Taylor-Wharton International Llc., VRV
S.P.A., Flowserve Corporation, Parker Hannifin, Inox India Ltd., and Wessington
Cryogenics Ltd.
Cryogenic Equipment Industry Segmentation
According to the reports by MRFR, the cryogenic
equipment market is segmented on the basis of end-users, components, and
cryogen.
By the mode end-users, the market is segmented into
chemical, oil & gas, electronics, food & beverages, pharmaceutical,
healthcare, shipping, mining & metallurgy, and others.
By the mode of components, the market is segmented
into valve, tank, pump & vaporizer and others.
By the mode of cryogen used, the market has been
segmented as oxygen, nitrogen, argon, and others.
Regional Outlook
Region wise, Asia Pacific is leading the market of
cryogenic equipment since 2016 and is accounted for a significant share of the
market in the coming years. Also, the increasing investments are being made in
the energy sector, which is gaining considerable growth in end-user industries.
These are vital factors attributed to the growth of the cryogenic equipment
market in this region. Another major factor for the growth of cryogenic
equipment market is recorded as the presence of leading steel production
companies in countries such as China, Japan, India, and South Korea.
Whereas, Europe region is also observing a
significant rise in the market share owing to some strict regulations that are
governing in the region over the use of inland LNG-fuelled ships. Moreover,
countries such as Russia also has a plan to develop LNG powered locomotives.
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